E4 Engineering Limited

Engineering Liquidation

E4 Engineering Limited was a structural steel engineering and metalwork business. In January 2018 the company was put into liquidation. Skylarc was contacted by the liquidators and asked to prepare a sales plan to maximise recoveries from the sale of the plant and equipment owned by the company.

The challenge

E4 Engineering’s plant and equipment included a wide range of machinery found in a heavy engineering business, including a near new Peddinghaus drill line, two late model Cosen metal cutting bandsaws, power and hand tools and a wide range of TIG, MIG and ARC welders and associated equipment as well as hundreds of lots of steel in various profiles. In the office was a complete suite of laptops, desktop PC’s company phones and office furniture.

The process

Skylarc provided valuations on the major items of plant and equipment assisting the liquidators to more confidently set reserves on these machines.

A sales plan was agreed in consultation with the liquidators which set out a timeframe for the sale and removal of the plant and equipment from the premises. A Trade Me event auction was chosen in order to obtain the largest possible buyer audience.

Skylarc prepared the online event to maximise recoveries. Every item was photographed,described and tested. This detailed information provided potential buyers with a high level of confidence. Wherever possible, smaller, easily freighted items, were assigned a delivery cost to attract a nationwide audience. The premises was also prepared to give a favourable first impression to buyers.

Marketing

In consultation with the liquidators, Skylarc developed a comprehensive marketing plan which included advertising in major newspapers, industry targeted e-mails and telephone calls and a comprehensive Facebook marketing campaign.

The outcome

The auction ran for eight days and consisted of 615 lots. The auction finished over two nights, with approximately 300 lots closing each evening, spread between 6pm and 10pm when the largest buyer audience is on Trade Me. Total turnover exceeded expectations with all lots selling at auction.

Skylarc coordinated the removal of all assets from the company’s premises, collected payments from purchasers, deducted costs and commissions from the sale proceeds and ensured that the premises were left clean and tidy.